Nigeria’s CBN, Interbank Dollar Rates Converge as more Forex is Pumped into the Economy

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The official CBN rate for the dollar has finally converged with the interbank dollar rate as the country’s apex bank continues to pump more dollars into the economy.

Just yesterday, the Central Bank of Nigeria (CBN) yet again made an additional $195 million intervention into the foreign exchange market.

The last intervention followed last week’s injection of $462,336,426.74 to the market.

About $267 million was offered to the Retail Secondary Market Intervention Sales (SMIS), while $100 million was offered as wholesale interventions.

The move was disclosed by the Acting Director, Corporate Communications Department of CBN, Mr. Isaac Okorafor in Abuja.

He said: “In the wholesale segment of the inter-bank foreign exchange market, the bank auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) with $50 million.

“The invisible segments also had $45 million intervention.”

Okorafor reaffirmed the CBN’s commitment to sustaining liquidity in the market to ensure that genuine requests for forex were met.

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